Doumbouya Dismisses The Governor Of The Central Bank Of Guinea And His Deputy With Immediate Effect

Every country has a Central Bank. A central bank, reserve bank, or monetary authority is an institution that oversees the banking system of the country, manages the country’s currency, money supply, and interest rates. Just as the teachers and students in a school are supervised by a Principal, similarly all the banks of a country are supervised by the Central Bank.

The central banks across the globe, have a single major function, that is managing the country’s currency stability. Some of the functions also include serving and facilitating transactions between banks as well as providing them banking services.

Initially, central banks were established with the primary purpose of providing finance to the government to meet expenses and manage their debt. It mostly requires experienced economists or chartered accountants to head the highest office of the banking sector.

Here in Africa, they are mostly referred to as “Governors of the central bank” and are usually appointed by the government of the day to support and lend monies to state financial institutions when the need arises.

It is the individuals who make the institutions better but these governors have been accused of corruption and other malpractice. They have mostly engaged in shady deals and are shielded by the government who appointed them.

Guinean Central Bank governor of Guinea, Lounceny Nabe who was appointed by the deposed President Alpha Conde has been dismissed by the interim leader. Colonel Mamady Doumbouya began a reformation campaign a few weeks ago to put the country in the right direction. The deputy governor has also been dismissed.

Many security servicemen and city workers have been sent home and accordingly given what was due to them. All benefits and entitlement have been paid into their accounts which will aid them as they retire from active service.

It has now reached the turn of the governor who has been asked to proceed on leave with immediate effect. The reason for his dismissal isn’t known at the moment however critics have indicated that all officers who serve under Alpha Conde are forced to leave.